Phil Schiller, Senior Vice President of Worldwide Marketing at Apple Inc, speaks about pricing for the entire iPhone line during an Apple media event in San Francisco, California, September 9, 2015. Reuters/Beck Diefenbach

Apple has yet actually to release details on its upcoming device this year. However, the rumors surrounding the Cupertino-based company indicate that another member of the iPhone family will be in the market soon. Although Apple has not made any official confirmation, speculations have been making rounds and are generating incredible excitement among Apple users.

The next Apple phone is rumored to be called iPhone 7. If the past gadgets are to be used as reference points, the year 2016 might witness the entry of two new phones: the iPhone 7 and the iPhone 7s. Once again taking the cue from the products released in the past, the new iPhone 7 might be released by September this year.

One of the most widely speculated features of the new iPhone 7 is the elimination of the headphone jack. According to Mac Rumors, this is an effort by the company to reduce the thickness of the gadget. The absence of a headphone jack could amount to roughly 1 mm decrease in thickness. In its place, the iPhone 7 is rumored to feature possibly an all-in-one Lightning connector.

The Lightning port, which will replace the headphone jack, is expected to be capable of supporting both music playback and charging needs of the iPhone 7. Consequently, the Lightning port will require Lightning-equipped headphones. It remains to be seen if the headphones will be included in the iPhone 7 starter box.

A Lightning cable connector is rumored to be needed for wired headphones. As for the wireless earphones, it is projected that the Bluetooth function will suffice. According to Fast Company, the same Lightning port can also be used for power and data transfer. To address the audio chipset with the port, Apple is said to be working with Cirrus Logic, its long-term audio chip collaborator. A new noise-canceling technology is also reportedly planned for the iPhone 7.

According to Tech Radar, the iPhone 7 could feature way better resolution compared with its predecessors. Apple is believed to be aiming to produce glass-on-glass screens for potential QHD or 4K display. It is also rumored that the iPhone 7 might be the first in the Apple brand to feature an OLED display. This could be a possibility especially in light of the desire of Apple to move on from LCD panels to OLED panels.

As for the camera tech of the iPhone 7, it is possible that Apple chooses to stick with the specs featured in the iPhone 6s. Hence, the new Apple phone could also feature the same 12MP at the back and 5MP in its front snapper.

Inside the iPhone 7, a hexa-core A10 chip is rumored to boost the performance of the next-generation of Apple phone. This is a huge leap considering that the iPhone 6s only featured a dual-core processor. The said hexa-core A10 chip is produced by TSMC, according to MAC Rumors.

The body of the iPhone 7 is said to be possibly made of new material: a non-aluminum composite. This design will improve the water and dust resistance of the new gadget. It will also get rid of the antenna bands which ruined the designs of the iPhone 6s and iPhone 6s Plus for some users.